If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.
Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize
As The Mortgage Reports says:
“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”
According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15% And it’s even lower for first-time h
Today’sMedianDownPaymentisLessThan20%
Source: NAR
The big takeaway? You may not need to save as much as you originally thought
Keep in mind that you don't always needa20%downpaymenttobuy ahome.
According to Down Payment Resource, there are also over 2,000 homebuyer assistance programs in the U.S., and many of them are intended to help with down payments
Plus, there are loan options that can help too. For example, FHA loans offer down payments as low as 3.5%, while VA and USDA loans have no down payment requirements for qualified applicants
With so many resources available to help with your down payment, the best way to find what you qualify for is by consulting with your loan officer or broker. They know about local grants and loan programs that may help you out.
Don’t let the misconception that you have to have 20% saved up hold you back If you’re ready to become a homeowner, lean on the professionals to find resources that can help you make your dreams a reality. If you put your plans on hold until you’ve saved up 20%, it may actually cost you in the long run. According to U.S. Bank: “ . . . there are plenty of reasons why it might not be possible. For some, waiting to save up 20% for a down payment may “cost” too much time While you’re saving for your down payment and paying rent, the price of your future home may go up ”
Home prices are expected to keep appreciating over the next 5 years – meaning your future home will likely go up in price the longer you wait If you’re able to use these resources to buy now, that future price growth will help you build equity, rather than cost you more
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Stainless steel appliances are classic, giving kitchen designs a sleek yet durable look. But when it comes to the walls, cabinetry or smaller accent items, what colors pair best with these timeless appliances? From warm neutrals to striking jewel tones, there's truly something for everyone. Here's what the experts had to say.
White kitchens have been around for ages, giving a clean and classic look that's hard to beat But lately, designers say that warmer whites and hues with more depth are on the rise. Audrey Scheck, interior designer and founder of Audrey Scheck Design, says 'creamy white' shades are some of her favorites for kitchens featuring stainless steel. To pair creamy white with stainless steel, try painting your cabinets a warm white or using a backsplash tile that’s more ivory than stark white,' says Audrey.
‘Gray kitchen cabinets seem to be fading in popularity, but warmer versions of the mainstay shade are trending – and pair beautifully with stainless steel. Brandon Lange of BZ Interiors shares that taupe and 'greige' tones lend a welcoming look. 'Stainless steel appliances pair well with warm neutrals like taupe or "greige" to achieve a warm, calming look that b l h l f h l ' h
Earthy tones are all the rage at the moment, and the kitchen is no exception. These warm, nature-bound hues bring warmth and sophistication to stainless steel kitchens, and designers are especially intrigued by earthy green kitchens 'Leaning into earth tones like muddy green will provide a nice, calm transition between color and the metallic finish of stainless steel. To further blend this style, layer in warmth with wooden accents. Look for pendant lights with wooden detailing or use wooden risers and boards to style your kitchen countertops,' says Audrey
Decorating with black is difficult, as the hue brings intensity and contrast instantaneously. But the deep shade in small doses pairs beautifully with stainless steel appliances, designers say. Becky suggests Black Beauty from Benjamin Moore, a warmer black shade that complements stainless steel with ease. 'This bold choice not only enhances the sleekness of stainless steel appliances but also adds a luxurious and contemporary feel to the overall aesthetic,' she says.
'Deliciously dark and inviting, dark blues set an atmospheric tone for any kitchen, whether you opt for a modern or traditional kitchen style,' says Richard Davonport, managing director at UK-based bespoke kitchen brand Davonport. Richard says deep blue tones make a kitchen with stainless steel appliances more contemporary, even if they're paired with traditional cabinetry – truly achieving the best of both worlds. Blue kitchens prove eye-catching and interesting. 'The silver tones of stainless steel complement the cooler undertones of blue to create a crisp color palette that makes a kitchen feel sophisticated,' he adds
Houzz, the leading platform for home remodeling and design, recently announced their winners of the 2024 Best of Houzz awards, a "people's choice award" for the most outstanding professionals on the site The Best of Houzz recognizes the top-rated home pros and most popular designs by category (like living room, bedroom, etc.) and location, meaning it's easy to find and hire the best of the best for whatever project you have in mind.
"All wood, all day" seems to be one of the biggest themes in the world of kitchen cabinets. It's something we noticed last year, and according to Houzz, there are no signs this trend is slowing down Many of the Best of Houzz Design award recipients created allwood kitchen cabinets, and in fact, one of the mostsaved kitchen photos uploaded to Houzz in 2023 featured unpainted woodwork.
Another trend we saw on the horizon was green cabinetry according to a 2023 survey conducted by the National Kitchen & Bath Association, green was hot in many designer kitchens Houzz is noting that green with gray undertones is especially popular right now. When paired with wood, it just creates a cozy, inviting look.
Instead of the basic subway tile look, designers are now opting to stack tiles in a more traditional brick pattern, while mixing up the tile colors in varying shades for a little more dimension in their backsplashes. Choosing this classic pattern (with a twist!) is a foolproof way to design a kitchen you'll love forever.
Increasing storage in bathrooms is high priority for most renovations, so tricking out the vanity is often a go-to tactic for many designers (After all, an optimized vanity that can hold everything in one central place is truly a godsend.) Enter the vanity storage tower, which usually sits atop the vanity. It's a clever way to store frequently used items at eye-level and within reach, and it frees up precious countertop space.
Screened-in porches have been around for forever, but they've rarely been decorated to the nines... until now Many of the winning outdoor areas in Best of Houzz featured this detail, proving practical screens can look stylish. It makes sense that more people are incorporating screens into their designs though, with the burgeoning emphasis on nature through biophilic design. Mesh screens are an excellent way to blur the lines between the indoors and the outer environment without any of the pesky insects and bad weather
Gorgeous laundry rooms are the stuff of envy Throw in mudroom elements and you ' ve got yourself a perfect space that's all about efficiency. Why is this setup so great though? It allows homeowners to drop dirty sports uniforms or sandy beach towels directly into the wash before tracking dirt farther into the home. Plus, there are all the perks of mudroom storage components like cabinets, hooks and cubbies
Canopy beds of yore are back Apparently, a quick scroll through popular bedroom photos on Houzz reveals that canopy beds are everywhere. It's a great way to fill up the vertical space of a room, and it's kind of like an architectural element that requires no real building tools
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